It's accurate that the US already does it, but that doesn't tell you if we should be doing it.

It does, however, provide evidence that doing that is dumb.

KYC/AML have an effectiveness that rounds to zero while causing trouble for innocent people as the government pressures the banks to do something about problems the banks aren't in a position to actually solve, so instead the banks suspend the accounts of more innocent people because the government is pressuring them to suspend more accounts.

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loeg 3 days ago | parent [-]

> KYC/AML have an effectiveness that rounds to zero

That's factually inaccurate.

	▲	AnthonyMouse 3 days ago \| parent [-]
		> That's factually inaccurate. It isn't: https://www.tandfonline.com/doi/full/10.1080/25741292.2020.1... "It finds that the anti-money laundering policy intervention has less than 0.1 percent impact on criminal finances, compliance costs exceed recovered criminal funds more than a hundred times over, and banks, taxpayers and ordinary citizens are penalized more than criminal enterprises."